sberlin,
Yes, it happens on all tabs.
I was running 4.3.2 on JRE 1.5.0 (not "Update 1") so it's possible the problem is with Java.
The GUI corruption doesn't start right away. I think it only happens after the screensaver has run.

Since the change-log for 4.3.3 mentions "fix for GUI" I assume that something related was broken.
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As for the labels used in Connections, I think it would make more sense to refer to what kind of servent you're talking to, rather than to what kind of connection you have. I mean, if you're in Leaf mode and you upgrade to a UP, what are you going to learn from your former leaf-UP connections being re-labeled "peer" connections? OTOH, if you're in UP mode and you're talking to older non-UP clients, the current labels make it impossible to know.